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Archive for September 17th, 2008

a suggestion

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The Guardian has a relatively interesting feature talking to prominent leftists and leftishists about the crisis and capitalism.

It would be a good thing if “we” could all get together and come up with something. Whether or not it seems likely that “we” could ever actually prevail even just slightly in a moment like this, it does seem like it’s part of the deal that we’d at least, you know, give it a poke.

But I’d like to make one suggestion before / if we do. If you happened to be selected to be left public intellectual of the month (seriously – I’m being serious now), and are asked to speak or write about the current crisis, by all means avoid expressions of schadenfreude, apocalyptic glee, giddiness and the like. Ordinary people are not going to share your popcorn as you settle in to watch this film. Say something about what should be done – normal folks want their retirement accounts to stay semi-there, want to keep a job, and don’t want their bank deposits to vanish into a bad dream of a customer service call that never gets answered, they’d like not to haul their currency to the Wal-Mart in a wheelbarrel – all reasonable things. 

Not trying to be hypocritical about this, believe me. This blog has been about 80% apocalyptic glee from the start, and is in part a chronicle of ten years that I’ve spent watching CNBC and waiting for the Big Event. It’s just, you know, we’re really bad at the PR side of the game, and it’d be nice to see “us” take things seriously, for once.

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September 17, 2008 at 11:35 pm

the canary’s dead

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Not the one that lives at the wharf, the one in the coalmine.

I’m lucky to have in-laws that I can use as my own personal focus group of middle american attitudes and reactions. Middle to lower-middle class, from the middle of the country (though down a bit from the exact center), a smattering of evangelicals and irreligious libertarian conservatives, also one Hilary Clinton supporting (now Sarah Palin? I’d bet) late-middle-aged single mom, they run the gamut. I’m not being arrogant – I come from rather ordinary to sub-ordinary stock as well (you should see the stuff that comes across the google alert thing I’ve set up for my very very rare last name – police blotter clip after police blotter clip), it’s just mine are from the wrong side of the St. Lawrence and I don’t really keep in touch.

Anyway. Um. Yeah. Mom-in-law emailed today saying that she’s thinking about pulling her $ out of the mutual fund in her retirement account. I’m sure I’m not the only person that’s been wondering at what point the bad news penetrates the awareness bubbles of ordinary americans, but I think, folks, that day is coming soon. Tomorrow? And when it does, watch what happens. They keep writing articles calling various abstract things that happen “the postmodern version of a bank run.” I think that the pre-postmodern version is still a viable form. We’ll see.

I’ve suggested that it’s probably not smart for her to pull the money, given the tax liability and the fact she’s yanking it back at a very unfortunate time. Who knows though. But even if she goes ahead and does it, where then should she put it? After all, from what I understand, the FDIC is funded to handle maybe one significant bank failure – say Washington Mutual if (when?) it goes.

Here’s guessing tomorrow’s going to be an interesting day.

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September 17, 2008 at 11:18 pm

Posted in collapse, crisis, economics